>3. Set a Balanced Budget Amendment
What would you think if the budget-balancing amendment read like this:
SECTION 1
Neither the Congress, nor the Judiciary, nor the Executive, nor any private corporation shall have the authority to regulate the value of money. The Dollar shall be equal in value to the weight of gold, of a purity not less than nine-hundred ninety-nine parts per thousand, of one hundredth of an ounce.
SECTION 2
Whereas the Congress may set the weights and measures of the country, the ounces of this amendment’s section 1 are the avoirdupois ounce, approximately equal to 28.34 grams.
SECTION 3
Every year the Treasury shall, under oath, make a true accounting of the gold physically within its repositories available to the Congress and also to the public. On conviction of violating that oath the Secretary of the Treasury shall be put to death.
SECTION 4
The United States Shall not enter into any debt which shall cause the total debts to exceed ten percent more than the physical gold on hand.
SECTION 5
Any taxation of income imposed by either the federal government or any state shall be of a uniform rate; no exception or credit shall ever be issued. No property shall ever be seized in any taxation dispute prior to conviction in a court of law.
“The Dollar shall be equal in value to the weight of gold”
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I’d highly recommend for everyone’s reading this article re: our money system. The article reviews what the US Constitution says about our money system, and why it’s not WHAT backs money, but WHO controls the money supply that’s key.
Fallacy of Gold Backed Money
http://economicedge.blogspot.com/2010/01/fallacy-of-gold-backed-money_02.html
“People who support gold backed money do so mostly for the right reason – to keep the
QUANTITY OF MONEY UNDER CONTROL. There are, however, MANY
misrepresentations, half-truths, and self-serving reasons to promote gold either as a backing for
money or as a direct form of money itself...”
—snip—
If gold backed money actually worked, then those money systems would still be around today, but they are not. During the 1920s gold backed our money yet one of the largest credit bubbles in history was formed and ultimately popped regardless of the existence of a gold backed money system – the same has been repeated throughout history.
—snip—
When it comes to keeping the quantity of money under control the ideal system would be one
that allows the QUANTITY of money toincrease and todecrease in accordance with the reality
of the economy, the size of the population, and a multitude of other factors. Such a currency
would withstand the shock of war or natural disaster and neither produce extremes in PRICE
inflation or PRICE deflation.
There is simply no way to remove humans completely from the equation. This is the illusion of commodity backed money – it is just that, an illusion – it has never worked to actually keep the quantity of money under control, nor has any system ultimately passed the test of time.
Even if we had perfect economic models (not even close) and a computer controlled the quantity, the computer would have to be programmed by a human! Here’s the simple truth… What ultimately backs a country’s money is the RULE OF LAW, and
what ultimately backs the rule of law is a nation’s PEOPLE. Not its bankers, and rarely its
politicians.
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Interested in your thoughts.